Lam Research Shares Touch New Record

Lam Research shares rose to a new record high on Thursday after the company said it has entered accelerated stock repurchase agreements with BNP Paribas and Citibank to buy back $500 million of the company’s stock. LRCX was at $136.88 recently, having earlier traded as high as $138.22. The 52-week low is at $72.00.

The company said the buybacks are part of the previously announced $1 billion buyback program. Under the agreements, Lam Research will make an upfront payment from $500 million to the banks in exchange for 2.6 million shares upfront. Thereafter, the daily volume-weighted average price of the company’s common stock less an agreed upon discount, during the term of the ASR, will be utilized to calculate a final repurchase price for the common stock and any resulting settlement at the termination of the ASR, whether through delivery of additional shares to or from the company, or a settlement in cash.

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